This property is useful for RDBMS writes, when the UUID is used as a primary key and this locality ensures that fewer slotted pages need to be modified to write the same amount of data.
Is there documentation covering the scenarios on how the order can become out of sync and what the odds are? There's a big difference between "almost" and "always" if we're talking about using this as a database PK.
Not in the context of an RDBMS, which use b+/b*-tree variants (or LSM sstables). Sequentially generated UUID's will end up near each other when sorted lexicographically, regardless of the fact that the sort order doesn't perfectly match the timestamp order.
So the order can become out of sync if multiple events happen in the same millisecond; or if your servers' clock error is greater than a millisecond (i.e. if you're an NTP user)
More than sufficient for things like ordering tweets. If you're ordering bank account transactions, well, you'd probably be using transactions in an ACID-compliant relational database.